Fiex Md on Cash $16,450 Accounts payable 8.230 Unearned royalty fees 5.000 Selling expenses 45,000 Dividends declared. 3.500 Interest payable . 6.000 Administrative expenses 25,000 Accumulated depreciation-Buildings 56.000 Cost of goods sold 135.000 Depreciation expense. 14,000 Common shares 250.000 Retained earnings. 55.720 Motor revenues. 325,000 Buildings 450.000 Accounts receivable. 17.000 Required: (a) Prepare an income statement for the month ending March 31, 2010. Ignore income taxes. (b) Prepare a statement of retained earnings for the month ending March 31, 2010. (C) Prepare a balance sheet as at March 31, 2010.
Fiex Md on Cash $16,450 Accounts payable 8.230 Unearned royalty fees 5.000 Selling expenses 45,000 Dividends declared. 3.500 Interest payable . 6.000 Administrative expenses 25,000 Accumulated depreciation-Buildings 56.000 Cost of goods sold 135.000 Depreciation expense. 14,000 Common shares 250.000 Retained earnings. 55.720 Motor revenues. 325,000 Buildings 450.000 Accounts receivable. 17.000 Required: (a) Prepare an income statement for the month ending March 31, 2010. Ignore income taxes. (b) Prepare a statement of retained earnings for the month ending March 31, 2010. (C) Prepare a balance sheet as at March 31, 2010.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Flex Motors shows the following account balances on March 31, 2010.
Cash
$ 16,450
Accounts payable
8.230
Unearned royalty fees
5,000
Selling expenses
45,000
Dividends declared
3,500
Interest payable.
6,000
Administrative expenses
25,000
Accumulated depreciation-Buildings
56,000
Cost of goods sold
135,000
Depreciation expense.
14,000
Common shares
250,000
Retained earnings
55,720
Motor revenues
325,000
Buildings
450,000
Accounts receivable
17.000
Required:
(a) Prepare an income statement for the month ending March 31, 2010. Ignore income taxes.
(b) Prepare a statement of retained earnings for the month ending March 31, 2010.
(c) Prepare a balance sheet as at March 31, 2010.
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